Sunday, October 12, 2008

Bakkavor Group, an Icelandic follow up...

I got no comments on the Bakkavör Group accounts, see here...

For those that want to know, the balance sheet is written in pounds. It is serious money. Almost 2 billion dollars in debt for a token Icelandic food processing company.

It is the corporates, not the banks that are going to send this around the world. I noted the list of principal bankers contain more usual suspects – they are Barclays, RBOS, Rabobank, Mizuho, Fortis, ABN Amro, Bank of America Securities and HSBC.

The Icelandic confessional has included Erste Bank in Austria (a crash large enough to close the Austrian exchange) and various UK banks and will include others.

But more, still more, will come to the confessional...

J

2 comments:

Sam Jones said...

I presume the accounts are in pounds thousands and not in pounds singular. Even their own site does not show the '000 indicator.

Jonathan said...

A quick look at the Bakkavor website would tell you that Bakkavor is not a "token Icelandic food processor", it is in fact the largest fresh produce and food manufacturer in Europe, with over 40 factories across UK, Europe, USA and Asia. It may also be worth you chacking that the debt you talk about is actually drawn down or is it a provision - I think you will find its the latter.

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